Homeowners Insurance Market Opportunity

Unit economics improving over time Improving Retention Annual Premium Retention by Cohort Declining Loss Frequency 12-month average Non-CAT Frequency by Cohort¹ Yr 1 Yr 2 Yr 3 78% 87% 2017 98% New Renewal 5.2 86% 87% 82% 2018 2019 4.0 3.9 3.5 3.2 3.3 2.8 2017 2018 2019 2020 Proprietary and Confidential | 34 1. Frequency defined as number of claims divided by the total number of units of exposure, where a unit of exposure is defined as one policy year earned. For example, one policy in force written 24 months ago, represents 2x units of exposure; The cohorts are 12-month cohorts starting on 8/1 of each calendar year Source: Company data

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